UPDATE (6/13): And now it’s official. Today at their press conference, Microsoft announced the Xbox One S, which will be 40% smaller than the Xbox One. It’ll start at $300 and be out this August.

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Pricing will vary based on the hard-drive size, Microsoft said. The 500GB version will be $300; a 1TB version will go for $350; and a 2TB Xbox One S will be $400.

Here’s the sizzle reel:

Original story follows:

Just one day before Microsoft’s press conference, an image of the Xbox One Slim (aka Xbox One S) has popped up (h/t NeoGAF).

The Slim, which is code-named Edmonton, will have a 2TB hard drive and be significantly smaller (40%) than the original Xbox One. It’ll also support 4K video. We believe it’ll be out in the next couple of months, perhaps in August.